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Cineworld boosted by blockbusters
Blockbusters including Slumdog Millionaire, X-Men and Transformers drove half-year box office sales up by 17.9 per cent at Cineworld, the group said.
The UK's second biggest cinema chain reported back on a "healthy" first half thanks to the strong line-up of films, with director Danny Boyle's Slumdog Millionaire, pictured above, becoming the unexpected hit of the year so far, grossing more than 31m for the industry in the UK and Ireland.
Cineworld said trading in its core business was ahead of forecasts, but added this was partially offset by a "softening" in advertising income and higher utility bills.
Total pro-forma revenues rose around 12.2 per cent in the past 26 weeks, with comparable sales up 10.6 per cent.
Other income dropped 26.3 per cent amid advertising market pressures and after it renegotiated a contract early in 2008 with Carlton Screen Advertising – the business later sold by ITV to a joint venture between Cineworld and rival Odeon – which saw it lose a minimum guarantee.
Cineworld said it was looking forward to a "promising" second half, with more expected big screen hits on the horizon, such as Harry Potter and the Half Blood Prince. It is also hoping for a good response to 3D releases, including Ice Age 3, as it increases its 3D facilities.
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